ASW is a holding company which has subsidiary operating core business companies that operate in property development for sale, including condominium, single house, townhome and home office.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 6,250.06 | 7,731.55 | 9,941.31 | 7,174.52 |
| Expenses | 5,088.38 | 6,039.31 | 7,950.05 | 5,625.68 |
| Net Profit (Loss) | 689.36 | 1,300.00 | 1,456.72 | 1,092.22 |
| Assets | 37,692.88 | 30,169.13 | 31,832.36 | 24,363.73 |
| Liabilities | 28,299.60 | 21,535.02 | 23,202.82 | 16,879.89 |
| Shareholders' Equity | 8,489.32 | 7,660.94 | 7,813.51 | 6,576.07 |
| Operating | -1,292.85 | 1,497.94 | 685.91 | -2,615.14 |
| Investing | -437.18 | -1,272.36 | -1,550.43 | -2,168.96 |
| Financing | 1,592.14 | 394.55 | 935.01 | 5,328.58 |
| EPS (Baht) | 0.77 | 1.44 | 1.62 | 1.25 |
| GP Margin (%) | 42.51 | 40.86 | 41.40 | 40.82 |
| NP Margin (%) | 12.10 | 17.01 | 14.98 | 16.90 |
| D/E Ratio (x) | 3.01 | 2.49 | 2.69 | 2.26 |
| ROE (%) | 10.48 | 25.94 | 20.25 | 17.91 |
| ROA (%) | 4.12 | 8.95 | 7.01 | 7.68 |
The company aims to target sustainable growth and aiming to become a leading real estate company in Thailand.
- ASW has had its corporate credit rating from TRIS Rating affirms the company rating at “BBB-” with a “positive” rating outlook. The rating reflects the company’s expanding business scale, growing brand recognition in both Bangkok and Phuket
- Currently, the company has a backlog (revenue awaiting recognition) totaling over 32,861 million Baht.
For the 9-month period ended 30 September 2025, the Group recorded sales and service revenue of 6,250 million Baht, which main source of revenue came from sales of real estate of 5,585 million Baht, and profit attributed to parent of 689 million Baht.
In 2025, the company revise target for launched a total of 11 new projects with a total value of 23,600 million baht. an increase from the previously announced target of +7%, with pre-sales targets pre-sales target of 19,500 million baht and revenue target of 10,500 million baht, aiming for sustainable growth. In the first 9 months, the company achieved cumulative pre-sales of 17,474 million, representing 90% of the set target.
Company is a real estate developer for sale. In the past, the company mainly focused on developing projects in Bangkok and vicinity. To manage risks and increase potential growth. Therefore expanded into new locations such as the EEC zone, Chonburi and Phuket. This is a diverse market with high growth in the future.
- The Company received an excellent rating for
the Corporate Governance Report of Thai listed companies (CGR) from Thai Institute of Directors (IOD).
- The Company has been achieved an "AA" rating in the SET ESG Ratings for 2024 from the Stock Exchange of Thailand
- The Company has been certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC).
| as of 30/09/25 | ASW | PROP | SET |
|---|---|---|---|
| P/E (X) | 4.91 | 13.10 | 16.67 |
| P/BV (X) | 0.60 | 0.80 | 1.21 |
| Dividend yield (%) | - | 4.90 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 4,948.60 | 7,107.98 | 7,552.62 |
| Price (B/Share) | 5.50 | 7.90 | 8.40 |
| P/E (X) | 4.91 | 3.98 | 7.28 |
| P/BV (X) | 0.60 | 0.93 | 1.24 |
